GCR Upgrades Greenwich Merchant Bank’s Credit Rating to “BBB” With A Stable Outlook

Mary Nnah

Greenwich Merchant Bank Limited’s Credit Rating has been upgraded from “BBB-“ to “BBB” with a stable outlook by the Global Credit Rating (GCR). This is in addition to the rating “BBB” assigned by Agusto & Co earlier in the year.

According to GCR, the improved rating “reflects the Bank’s strong capitalization, robust liquidity, and sound risk position. The risk position is well contained as evidenced by the zero-performing loans. Funding and liquidity are robust and considered appropriate for its current operational scale”.
GCR further highlighted that the Bank’s “Capital Adequacy Ratio is well above the regulatory minimum of 10% with the Core Capital ratio expected to be maintained above 35% over the next 12 to 18 months.”

Commenting on the Rating, the Managing Director, Mr. Bayo Rotimi disclosed that “the current rating, is yet another confirmation of Greenwich Merchant Bank’s dedication to value creation for her clients and other stakeholders.”

He further emphasized that the rating validates the traction gained by the Bank in terms of deposit mobilization, loan growth and enhanced service delivery.
Greenwich Trust Limited – the precursor to Greenwich Merchant Bank – commenced operations in June 1994. By September 2020, GTL obtained a Merchant Banking license and subsequently commenced Merchant Banking operations in October 2020.

The Bank currently has two wholly owned subsidiaries, Greenwich Asset Management Limited and Greenwich Securities Limited.